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Stock Futures Point to Modestly Lower Open as Investors Take a Breather
Stock futures are pointing to a modestly lower open Monday as investors take a breather following last week's record highs, while elevated Treasury yields continue to pressure equities. The 10-year Treasury yield is around 5.28%, near multiyear highs.The market is also digesting Friday's weaker-than-expected September jobs report, which reduced expectations for another Fed rate hike this month. Traders now see roughly an 80% probability that the Fed holds rates steady in October, although a December hike remains largely priced in.Brent is hovering around $102 a barrel and WTI near $90. Rising Middle East crude exports and the G7's decision to release 100M barrels from emergency reserves are helping ease some supply concerns, but the ongoing U.S.-Israeli war with Iran and attacks on Gulf energy infrastructure continue to keep crude prices elevated.The main focus this week will be the Federal Reserve's September meeting minutes, due Wednesday, which could offer clues about how policymakers viewed the inflationary impact of higher energy prices and the possibility of another rate increase later this year. Investors will also watch speeches from Fed officials for additional guidance on the policy outlook.In pre-market trading, S&P 500 futures were down 0.08%, Nasdaq futures fell 0.22% and Dow futures fell 0.05%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -PTCup 35% after Schneider Electricannounced a deal to acquire PTC for $205 per share in cashRXO Inc.up 22% after entering a pact under which C.H. Robinsonwill acquire the company in a stock-and-cash transaction for an implied value of $5.8BCerebras Systemsup 5% after OpenAI CEO Sam Altman posted on X, "Cerebras is a close partner, and we have a deep engagement pushing on the frontiers of speed."DraftKingsup 4% after BofA upgraded shares to Buy with an unchanged price target of $27Wells Fargoup 2% after Morgan Stanley upgraded the stock to Overweight with an unchanged price target of $102LOWER -Cenovus Energydown 2% after an arrangement agreement to acquire Athabasca Oil Corporation in a cash and stock transaction with an implied enterprise value of $5.7BAlign Technologydown 2% after Evercore ISI downgraded shares to In Line from Outperform with a price target of $155, down from $220C.H. Robinsondown 14% after its deal to buy RXO
Cenovus Energy to Acquire Athabasca Oil for $5.7B
Cenovus Energy to acquire Athabasca Oil for $5.7B in cash and stock
Cenovus Energy to Acquire Athabasca Oil Corporation for $5.7 Billion
Cenovus Energy announced that it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation in a cash and stock transaction with an implied enterprise value of $5.7B. Under the terms of the arrangement agreement, Cenovus will acquire all of the issued and outstanding common shares of Athabasca at a price of $12.00 per share, payable in cash and Cenovus common shares. Each Athabasca shareholder (other than dissenting Athabasca shareholders) will have the option to elect to receive, for each Athabasca common share held: (i) $12.00 in cash; (ii) 0.264 of a Cenovus common share; or (iii) such other proportion of cash and Cenovus shares as specified by the Athabasca shareholder. Shareholders who do not make a valid election will be deemed to have elected to receive cash for each of their Athabasca common shares. All elections will be subject to pro-ration based on a maximum of $4.3 billion in cash, equivalent to 75% of the total consideration, and a maximum of 44.4 million Cenovus common shares, equivalent to 35% of the total consideration. As a result, the aggregate consideration will comprise between 65% and 75% cash and between 25% and 35% Cenovus shares, based on elections made and deemed to be made by Athabasca shareholders. Depending on a particular shareholder's election and pro-rationing, an Athabasca shareholder may ultimately receive entirely cash, entirely Cenovus shares or a combination of both. The transaction has been unanimously approved by the Board of Directors of both companies. Athabasca's directors and executive officers have entered into voting and support agreements with Cenovus, pursuant to which they have agreed, subject to their terms, to vote all Athabasca common shares beneficially owned or controlled by them, representing approximately 2.2% of Athabasca's issued and outstanding common shares, in favour of the transaction. Cenovus expects the acquisition to close in December 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval of the transaction by Athabasca shareholders. The transaction is not subject to any financing contingency.
Company Raises 2026 Upstream Production Guidance to 970-1010 MBOE/d
Changes to the company's 2026 guidance include: Total upstream production raised to a range of 970 MBOE/d to 1,010 MBOE/d, an increase of 25 MBOE/d. This includes the impacts of strong performance in the Oil Sands and optimization of turnaround activity at Foster Creek and Christina Lake. Decreased overall Upstream operating cost guidance, including reductions to Oil Sands, Conventional and Asia Pacific as a result of higher production and lower costs. Revised operating cost guidance ranges are as follows: Oil Sands operating costs per BOE from $11.25-$12.75 to $10.75-$11.75 Conventional operating costs per BOE from $11.00-$12.00 to $10.00-$10.50; Asia Pacific operating costs per BOE from $10.00-$11.00 to $9.50-$10.00; Atlantic operating costs per bbl from $35.00-$45.00 to $40.00-$45.00. Canadian Refining throughput raised to a range of 110 Mbbls/d to 115 Mbbls/d, an increase of 5 Mbbls/d at the midpoint, and Canadian Refining per-unit operating expenses decreased to a range of $10.50/bbl to $11.50/bbl, reflecting strong year-to-date performance.
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